The first Yulan Bond to be listed on Nasdaq Dubai is a CNH2 billion bond issued by Bank of China (Dubai Branch). The two-year fixed-rate note is listed on both the Hong Kong Stock Exchange and Nasdaq Dubai, and it will mature in October 2028. The final yield tightened by 50 basis points from the initial price guide of 2.10 percent to 1.60 percent due to the transaction’s significant demand from both domestic and foreign investors. With net proceeds to be used for general corporate activities, the bond has an A credit rating from Fitch Ratings, which reflects the Bank of China’s Long-Term Issuer Default Rating.
Yulan Bonds adhere to international custody procedures, making them readily accessible to investors worldwide. They are registered and held through the Shanghai Clearing House (SHCH) and settled globally through Euroclear. Along with Ou Boqian, the People’s Republic of China’s Consul-General in Dubai, Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), and senior Bank of China executives, Zeng Jixin, the ambassador of the People’s Republic of China to the United Arab Emirates, rang the market-opening bell at Nasdaq Dubai to commemorate the listing.
According to Zeng, the issue is another move toward encouraging the renminbi’s cross-border use and bolstering ties between China’s financial infrastructure and global markets. With the listing expanding access to renminbi financial products in the Middle East, he continued, China-UAE financial cooperation is still growing in the areas of local currency settlement, investment, finance, and financial innovation.
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